Major Drilling Group International (TSE:MDI) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Major Drilling Group International Inc. (TSE:MDI)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$13.52 and traded as high as C$16.55. Major Drilling Group International shares last traded at C$15.95, with a volume of 327,632 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently commented on MDI shares. TD Securities lifted their price target on Major Drilling Group International from C$16.00 to C$21.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Royal Bank Of Canada upped their price objective on shares of Major Drilling Group International from C$17.00 to C$20.00 and gave the company an “outperform” rating in a report on Tuesday, February 24th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Major Drilling Group International currently has a consensus rating of “Buy” and a consensus target price of C$20.50.

Major Drilling Group International Price Performance

The company has a quick ratio of 1.92, a current ratio of 2.71 and a debt-to-equity ratio of 7.68. The company has a market cap of C$1.21 billion, a PE ratio of 81.67, a P/E/G ratio of 3.45 and a beta of 1.61. The stock has a 50-day simple moving average of C$16.06 and a 200 day simple moving average of C$13.57.

Insider Buying and Selling

In other news, insider Benjamin Luke Graham sold 10,000 shares of the firm’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of C$16.32, for a total transaction of C$163,200.00. 0.32% of the stock is owned by insiders.

Major Drilling Group International Company Profile

Major Drilling Group International Inc is engaged in the business of contract drilling, and it provides services to companies that are involved in mining and mineral exploration. It offers surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, and underground percussive/long-hole drilling services, as well as various drilling-related mine services. Its geographical segments are Canada – the United States; South and Central America; and Asia and Africa, of which most of its revenue comes from Canada – the United States.